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Old August 22nd, 2010, 02:03 AM   #341
Nexis
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Originally Posted by RobertWalpole View Post
Hudson Yards is not dead. The developer will start as soon as it signs a tenant. It is a massive project like Battery Park City, and therefore, it will be 15 years before all of those buildings are constructed. However, a 300+m tower likely will be built in 5 to 6 years.
Well i heard the supertalls are dead , i know other things are planned. That whole area is iffy , there planning 2 Rail stations now. Over lapping developments , its just all messy atm.
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Old August 22nd, 2010, 02:09 AM   #342
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Well i heard the supertalls are dead , i know other things are planned.
They're not remotely dead. The developer needs to maximize the square footage in a relatively small site.

The city is moving ahead with insfrastructre such as the new subway extension to 10th Ave. and the new Hudson Boulevard park between 10th and 11th.

http://online.wsj.com/article/SB1000...googlenews_wsj

Moreover, there recently was a HUGE investment in the project by a Canadian pension fund. See below.


Pension Fund Bets Big on Hudson Yards

By NICK TIMIRAOS
May 26, 2010


Quote:
The developer of an ambitious $15 billion development planned for the Hudson Yards on the west side of Manhattan has secured a Canadian pension fund as an equity partner in a sign of investors' renewed interest in New York City property.

Separately, the site's developer, Related Cos., on Wednesday will enter into a contract to lease the 26-acre rail yards from the Metropolitan Transportation Authority, putting a $21.7 million payment into escrow.

The fund, the Ontario Municipal Employees Retirement System, will provide up to $475 million in equity and replaces Goldman Sachs Group Inc. as Related's lead partner. Goldman, which owns a minority stake in Related and retains an interest in the project, delivered a setback when it unexpectedly limited its investment in January.

Oxford Properties Group, the pension fund's $18 billion real-estate arm, has turned its eye in recent months on U.S. expansion, particularly the Northeast. "This project is one of the best opportunities in America, in one of the last remaining great real-estate parcels" in Manhattan, said E.M. Blake Hutcheson, Oxford's chief executive, in an interview.

The deal with Oxford marks the latest sign that foreign investors are keen on New York. Last month, S.L. Green Realty Corp. sold a $576 million stake in the McGraw-Hill building on Sixth Avenue to Toronto-based Canada Pension Plan Investment Board.

The deal comes two years after Related, after a competition, agreed to a $1 billion deal for a 99-year lease that secured the rights to build 12 million square feet of office, apartment, hotel, and retail space over working rail yards.

Over the past year, Related has received zoning approvals and begun plans to build the deck that must cover the rail yards before construction can move ahead. But the economic downturn had delayed the signing of a formal contract for the project.

With equity in hand, Related and Oxford can turn to raising funds from other partners and signing up tenants for the commercial space. Under an "ideal case" scenario, Related said it would secure a tenant by the end of the year. Building construction would start 18 months later with 2015 as the earliest move-in date for corporate tenants. The total development of the site could take 10 years.

A decade ago, Related shepherded the Time Warner Center development, also on former MTA property, in the face of an uncertain economic environment and the Sept. 11, 2001, attacks.

Jay Cross, who oversees the project for Related, said he was increasingly optimistic that they would sign a tenant this year. "Even though tenants are making due with less space in the new paradigm, they still want state-of-the-art space," he said. "If you're a big tenant, you don't have that many opportunities" in the current Manhattan market.

The signature redevelopment project has long been a priority of Mayor Michael Bloomberg. The city is on-time and on-budget in its extension of the No. 7 subway line to 34th Street and Tenth Avenue, near the northeast end of Hudson Yards.

Under a revised deal with the MTA, Related doesn't have to close on the lease until building construction begins or certain economic triggers are reached. Mr. Cross said the partnership with Oxford and "hearing and seeing" signs of improvement in property markets "would suggest to us we will be under way before the triggers are hit."
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Old August 22nd, 2010, 02:14 AM   #343
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Quote:
Originally Posted by RobertWalpole View Post
They're not remotely dead. The developer needs to maximize the square footage in a relatively small site.

The city is moving ahead with insfrastructre such as the new subway extension to 10th Ave. and the new Hudson Boulevard park between 10th and 11th.

http://online.wsj.com/article/SB1000...googlenews_wsj

Moreover, there recently was a HUGE investment in the project by a Canadian pension fund. See below.


Pension Fund Bets Big on Hudson Yards

By NICK TIMIRAOS
May 26, 2010


Quote:
The developer of an ambitious $15 billion development planned for the Hudson Yards on the west side of Manhattan has secured a Canadian pension fund as an equity partner in a sign of investors' renewed interest in New York City property.

Separately, the site's developer, Related Cos., on Wednesday will enter into a contract to lease the 26-acre rail yards from the Metropolitan Transportation Authority, putting a $21.7 million payment into escrow.

The fund, the Ontario Municipal Employees Retirement System, will provide up to $475 million in equity and replaces Goldman Sachs Group Inc. as Related's lead partner. Goldman, which owns a minority stake in Related and retains an interest in the project, delivered a setback when it unexpectedly limited its investment in January.

Oxford Properties Group, the pension fund's $18 billion real-estate arm, has turned its eye in recent months on U.S. expansion, particularly the Northeast. "This project is one of the best opportunities in America, in one of the last remaining great real-estate parcels" in Manhattan, said E.M. Blake Hutcheson, Oxford's chief executive, in an interview.

The deal with Oxford marks the latest sign that foreign investors are keen on New York. Last month, S.L. Green Realty Corp. sold a $576 million stake in the McGraw-Hill building on Sixth Avenue to Toronto-based Canada Pension Plan Investment Board.

The deal comes two years after Related, after a competition, agreed to a $1 billion deal for a 99-year lease that secured the rights to build 12 million square feet of office, apartment, hotel, and retail space over working rail yards.

Over the past year, Related has received zoning approvals and begun plans to build the deck that must cover the rail yards before construction can move ahead. But the economic downturn had delayed the signing of a formal contract for the project.

With equity in hand, Related and Oxford can turn to raising funds from other partners and signing up tenants for the commercial space. Under an "ideal case" scenario, Related said it would secure a tenant by the end of the year. Building construction would start 18 months later with 2015 as the earliest move-in date for corporate tenants. The total development of the site could take 10 years.

A decade ago, Related shepherded the Time Warner Center development, also on former MTA property, in the face of an uncertain economic environment and the Sept. 11, 2001, attacks.

Jay Cross, who oversees the project for Related, said he was increasingly optimistic that they would sign a tenant this year. "Even though tenants are making due with less space in the new paradigm, they still want state-of-the-art space," he said. "If you're a big tenant, you don't have that many opportunities" in the current Manhattan market.

The signature redevelopment project has long been a priority of Mayor Michael Bloomberg. The city is on-time and on-budget in its extension of the No. 7 subway line to 34th Street and Tenth Avenue, near the northeast end of Hudson Yards.

Under a revised deal with the MTA, Related doesn't have to close on the lease until building construction begins or certain economic triggers are reached. Mr. Cross said the partnership with Oxford and "hearing and seeing" signs of improvement in property markets "would suggest to us we will be under way before the triggers are hit."
One has 2 wonder why our Supertalls were abandoned? Its the same amount of pricing here as it was in JC and Newark.
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Old August 22nd, 2010, 02:31 AM   #344
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Originally Posted by Handbanana View Post
You might have made penn plaza a little too tall
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Old August 22nd, 2010, 02:37 AM   #345
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Quote:
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One has 2 wonder why our Supertalls were abandoned? Its the same amount of pricing here as it was in JC and Newark.
NJ is still a beta market that succeeds in delivering bulk backoffice space but can't remotely achieve the rents needed to finance a signature supertall. When office space in key Jersey submarkets hits $100 per sq. ft., then you'll see some serious skyscraperage there. I think those past proposals were reliant on the state luring a big tennant with huge incentives to relocate from NY. So far, it's only been overflow and redundancy leasing traffic.
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Old August 22nd, 2010, 03:03 AM   #346
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Originally Posted by Nexis View Post
One has 2 wonder why our Supertalls were abandoned? Its the same amount of pricing here as it was in JC and Newark.
2 supertalls were not abandoned. Where did you get this misinformation? And what do you mean by "[i]ts the same amount of pricing here as it was in JC and Newark."

Last edited by RobertWalpole; August 22nd, 2010 at 04:00 AM.
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Old August 23rd, 2010, 05:54 PM   #347
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Video from NY1.com on 23 Aug 2010:

http://manhattan.ny1.com/content/top...-15-penn-plaza
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Old August 23rd, 2010, 06:55 PM   #348
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Quote:
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I sense some serious cutting here... 295m-315m... anyone?
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Old August 23rd, 2010, 08:28 PM   #349
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Originally Posted by ZZ-II View Post
would be another perfect addition for Midtown
The hearings at the council start today.

Here are my initial thoughts
Quote:

I will miss the old Hotel Penn standing there as is
It will dwarf 1 Penn Plaza, an iconic NYC skyscraper
It will affect the iconic Manhattan skyline and in particular the profile of 42nd Street and Midtown
IT WILL affect the iconic profile of the Empire State Building in Midtown
For some in Jersey - it will block their view of the ESB
For those in Brooklyn - it will compete with their view of the until now solitary ESB
Source: SleepNY
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Old August 23rd, 2010, 08:31 PM   #350
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Originally Posted by luci203 View Post
I sense some serious cutting here... 295m-315m... anyone?
It would be just as bad even at that high in that location. If they moved it closer to 1 Bryant Park however...
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Old August 23rd, 2010, 11:18 PM   #351
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Originally Posted by luci203 View Post
I sense some serious cutting here... 295m-315m... anyone?
There will be no cutting. Vornado is very politically connected in NY. This will be approved for full height and built at full height. I predict that Vornado already has a tenant who will sign upon final approval by the mayor and that construction will start in 2011.
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Old August 23rd, 2010, 11:24 PM   #352
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What does it matter that it blocks the ESB from some angles, the chrysler building is much more architecturally significant and yet that has towers surrounding it and personally i think it enhances the chrysler
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Old August 24th, 2010, 01:15 AM   #353
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What does it matter that it blocks the ESB from some angles, the chrysler building is much more architecturally significant and yet that has towers surrounding it and personally i think it enhances the chrysler
I think they should stop Freedom Tower cos' it block the view of ESB from Lower Manhattan.

P.S.
Chrysler look great, but any building would look good beside that ugly Trump Building...
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Old August 24th, 2010, 01:25 AM   #354
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I think they should stop Freedom Tower cos' it block the view of ESB from Lower Manhattan.
haha yeah
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Old August 24th, 2010, 05:50 AM   #355
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The nimby legislations and regulations have unfortunately sculpted New York's once great skyline of peaks and valleys into a tabletop effect of 750ft, leaving it much a shadow of its former glory.

Taller buildings must be allowed to rise and by doing so, the great scale of vertical diversity will be restored.
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Old August 24th, 2010, 05:52 AM   #356
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Alot of New Yorkers disagree with this project , i use alot of NYC boards. The ppl outside the city may say its great and but many NYers don't.

http://wirednewyork.com/forum/showthread.php?t=6337
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Old August 24th, 2010, 05:37 PM   #357
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This will be a very nice addition to NYC.




Last edited by RobertWalpole; August 24th, 2010 at 06:35 PM.
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Old August 24th, 2010, 06:35 PM   #358
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Alot of New Yorkers disagree with this project , i use alot of NYC boards. The ppl outside the city may say its great and but many NYers don't.

http://wirednewyork.com/forum/showthread.php?t=6337
Yes, and here too

http://sleepny.lefora.com/2010/08/23...-clarke-pelli/

The point that many aren't getting about this building is that it is no Tower Verre. It is just not that architecturally interesting to be put aside a structure like the ESB where the world looks when it looks at NYC. It is a sound design, even a good one, but it's too imposing and will compete unnecessarily with the ESB at its location.

Looking at the immediate location, there is One Penn Plaza right across the street, and even then, the building looks a little too imposing and could be scaled down to make a fitting addition to that Penn Station precinct.

However as is, even at 2/3rds the size, its going to distract the eye everytime someones looking at the ESB.
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Old August 25th, 2010, 12:52 AM   #359
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Hotel Pennsylvania

In Germany it would be so unbelievable to tear something that beautiful down!
In new York, it seems that nobody cares...
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Old August 25th, 2010, 01:41 AM   #360
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It actually looks like a pretty boring structure without any significant architectural value- maybe they should preserve only the bottom of the facade.
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